Tesla (TSLA) crushes expectations with deliveries of 466,000 EVs

Tesla (TSLA) announced its production and delivery numbers for the second quarter of 2023, and the automaker has crushed expectations with deliveries of over 466,000 electric vehicles.

Earlier this week, we reported that Wall Street was expecting another record quarter for deliveries from Tesla, with a consensus of 448,000 vehicles.

That’s up from Tesla’s previous record of 422,000 vehicles, which the automaker achieved in Q1 2023.

Today, Tesla released its official Q2 2023 delivery and production numbers.

The company confirmed that it delivered over 466,000 vehicles during the quarter – significantly higher than expected:

Production Deliveries Subject to operating lease accounting
Model S/X 19,489 19,225 8%
Model 3/Y 460,211 446,915 5%
Total 479,700 466,140 5%

Obviously, Model 3 and Model Y are still the vehicle programs driving Tesla’s sales and deliveries, but the Model S and Model X have also seemed to recover since the product refresh two years ago.

The number of vehicles in inventory and transit added during the quarter is also lower than in recent quarters, with only about 13,000 vehicles added to the tally.

Tesla generally references vehicles in transit in its production and delivery press release, but it didn’t this time.

It could mean more vehicles are in inventory instead of transit this time. Sources familiar with the matter told Electrek that Tesla came under its delivery goal for North America, which could explain this.

Tesla is now at 888,000 vehicles delivered during the first half of 2023, and it will need less than 1 million vehicles delivered in the second half to achieve its guidance of 1.8 million vehicles delivered in 2023.

Electrek’s Take

That’s a great performance. Congrats to everyone involved. It’s wild that Tesla is now delivering almost half a million vehicles per quarter.

There were a lot of naysayers for a long time that didn’t see that coming.

While it has been one of the largest by valuation for a while now, Tesla is becoming one of the largest automakers per volume, and it is doing it with only electric vehicles. That’s incredible.

Now price cuts have helped Tesla achieve this record this quarter. It will be interesting to see how bad it hurt the gross margin and if Tesla can stay marginally profitable with those lower prices.

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